UPDATE: Skarstadt Gallery will be moving in in 2014, but this space is still a sublease with a Demolition Clause, allowing for demolition of the building and development of the site. Eyebeam already announced they are moving in 2014, and Guided By Invoices in the triangular building on the corner closed last year, clearing the way for big developments on these parcels across the street from the new Fosters + Partners project.

Now that HoV’s sublease is up on the old Yvon Lambert space, I’ve been getting calls about what the rent will be for a direct lease of this beautiful, high-ceilinged, skylit Annabelle Seldorf-designed space. My answer is it probably won’t be less than the street average, which is around $100/ SF (as of February 2013), probably more for such a spectacular fully-built 5,425 square feet, for an even more spectacular $45,208 per month. One can extrapolate where the discount may fall, if any.

We may not get that far. The map below shows the West Chelsea South Gallery District (the M1-5 area outlined and tinted blue) with Haunch of Venison’s building at 550 W 21st Street. Across the street is the 551 West 21st Street development project (which you can read about here) designed by Norman Foster that is shown on the zoning map drawn in 2005 (inset on the right), alongside a mystery building to the south, across West 21st.

This may clear that up, since the HoV building at 554 W 21 is outside the blue-tinted M1-5 area, zoned C6-3, which means it would make a far more spectacular luxury high-rise with river views than a 1950’s garage cum high-end gallery will ever be, and spectacularly more valuable. This seems to have been on the drawing boards for some time. From the looks of the drawing, some of Eyebeam will need to be absorbed, just as 303 Gallery was absorbed into this project and will move to the W 24th Street space under the High Line, now under construction.

 

HOV_554W21_551W21_rev_02_2013

 

So, stay tuned…

 

Contact Earl if you want to know more.